Commission Decision No. 01-M-072/2017 Acquisition by Shangtex (Hong Kong) Limited of shares in Luen Thai Holdings Limited
Acquisition by Shangtex (Hong Kong) Limited of shares in Luen Thai Holdings Limited M-072/2016
Shangtex (Hong Kong) Limited (“Shangtex”), an indirect wholly-owned subsidiary of Shangtex Holding Co Ltd, a legal entity incorporated in the People’s Republic of China and active mainly in the textile and apparel business in China, proposes to acquire, by way of public takeover, a controlling stake of between 50.37% and 80.10% shareholding in Luen Thai Holdings Limited (“Luen Thai”), a Hong Kong listed company active in apparel and footwear businesses (the “Proposed Transaction”). The controlling shareholders of Luen Thai have signed an irrevocable undertaking to Shangtex to accept its offer in respect of 50.37%. The Proposed Transaction is conditional upon antitrust clearances in (i) the United States; (ii) Japan; (iii) Germany; and (iv) the Philippines, among other conditions.